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Bitcoin has gone hyperbolic this year, and its price explosion ushered this once off-the-grid currency into the mainstream. In June, the value of Bitcoin reached close to $3000 per coin, more than doubling the price of gold. It’s no doubt that Bitcoin's renegade appeal – a decentralized currency that offers faster reconciliation with more transparency and user privacy –– fueled a cryptocurrency boom.

With so much positive press, investors and interested parties have taken a keen interest in the mining of cryptocurrency, an essential component for transactions that has grown a reputation for being quite lucrative. Since the boom, however, the mathematical difficulty of discovering Bitcoins has grown far beyond what a regular individual can hope to achieve at home. The up-front investment and maintenance cost to mine Bitcoins is challenging for small-scale operators. Unless consumers are willing to spend tens of thousands of dollars on industrial hardware and rent an air-conditioned office to house that hardware, there is no real profit in mining Bitcoins.

How Digital Currencies Are Mined

The information for all cryptocurrency transactions is embedded in data blocks. Each of these blocks is interlinked with several others, which creates a chain or the blockchain. However, in order for transactions to be confirmed, these blocks need to be analyzed as quickly as possible, and the issuers of digital currency know they don't have the processing power to do it alone.

That's where digital miners, more like racing bookkeepers, step in by sorting through the data blocks. When they mine the right computational puzzle, or an algorithm called a "hash function," miners are rewarded with coins. This "proof of work" system is used by Bitcoin and other cryptocurrencies, and many enthusiasts have decided that digital coin mining could be a profitable venture. However, what scores soon discover is that digital mining is expensive, competitive and complex.

Making Digital Currency Simple for All

Pelecoin presents an innovative way for consumers to use digital currency, as well as the ability to mine it in an economical and structured platform that does not require intense computer hardware or even a commitment to only one single cryptocurrency. Through the company's website, registered account holders download a Windows console application, and with only 4GB of hard-drive space, can start to accumulate Pelecoins.

According to the company, by using the company's application, Pelecoin users have mining power equal to some of the most advanced rigs available and can start to earn income in the hundreds or even thousands. This shared and innovative approach opens the crypto-currency market to millions of people worldwide who would otherwise not be able to afford the expensive up-front costs of digital mining hardware.

As a structured financial cryptocurrency, Pelecoins are based on an optimized basket of the top 25 crypto-currencies. The current Pelecoin miner allows simultaneous mining of four cryptocurrencies, including Ethereum (ETH),Ethereum Classic (ETC), ZCash (ZEC) and Monero (XMR).

The company's proprietary algorithm works to increase profits for users, while allowing for maximum liquidity by using the leading exchanges of digital currency

In June, Pelecoin's Beta version was tested by 50 users on basic PC mining setups to ensure accuracy when fully rolled out. In addition, during the limited three-month test run, the platform created over $11,000 in gross revenue.

"The Beta-test was proven to be very successful, and the test-users aided us by suggesting some minor changes, which we have already incorporated into the product to enhance its overall functionality," CEO of WRIT Media Eric Mitchell said at the time of the announcement. "Pelecoin, has now been tested and proven to generate revenue, even with a limited number of users. We anticipate a welcoming response from our customers and the digital currency market in general."

The Total Potential of WRIT Media's Technology

WRIT Media's existing IP has allowed them to merge their new cryptocurrency with an easy-to-use currency exchange. Through a blockchain-based payment technology system, customers can now use their digital coins in the real world. As an example, Pelecoin users can exchange their mined coins in two ways from the platform:

• Pelecoins are converted via Ethereum into USD and through a company partner are transferred to a Visa debit card, which can be replenished on the site.

• Pelecoins can be transferred via Ethereum to a large cryptocurrency exchange like Kraken or Poloniex sold for USD and withdrawn to the account owner's bank account

Through the Pelecoin and the company's proprietary blockchain exchange platform, WRIT Media solves one of the nagging problems of cryptocurrency: turning digital coins, mined or otherwise, into fiat or "real" money. Furthermore, it does all of this in one place that is easy to see with real-time dashboards available for users.

It is clear that market forces that have governed business for decades are transforming. Old gatekeepers are being questioned and the foundations of business, finance and other important pillars of the economy are slowly evolving to a fabric that is digital. WRIT Media and the launch of Pelecoin are evidence of a company that firmly understands what is coming. Pelecoin and its integrated exchange represent just the beginning for a company that is tapping into the demands of the new digital marketplace. Bottom line, with a comprehensive digital currency platform and a deep understanding of blockchain technology, Mitchell and his forward-thinking team have put themselves squarely in the middle of one of the most valuable and important developments of our time.

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